Sale of Paraguay Operations

GRUPO CLARIN S.A.

Sale of Paraguay Operations

On 16 July 2012, Grupo Clarín S.A. (the "Company") informed the Argentine Securities Commission and the Buenos Aires Stock Exchange that the current subsidiaries of Cablevisión S.A. that operate in the Republic of Paraguay agreed, on 15 July 2012, subject to certain conditions precedent, to sell substantially all of their assets and operations to Telefónica Celular del Paraguay S.A., a subsidiary of Millicom International Cellular S.A. Aggregate consideration for the transaction was US$ 150 million. Additionally, as from the effective date of the transaction, Cablevisión will start to render services to the purchaser in connection with the transferred business.

Of the abovementioned subsidiaries, Cablevisión Comunicaciones S.A., Televisión Dirigida S.A., Consorcio Multipunto Multicanal S.A. and Producciones Unicanal S.A., would sell their assets and operations, and the subsidiary Teledeportes S.A. would be transferred by way of a sale of all of its equity shares.

After the sale, the subsidiaries will continue to exist and will not be liquidated.

As expressed above, the transaction is subject to conditions precedent, including the prior approval of the regulatory authorities of Paraguay, and could fail to occur if any one condition is not fulfilled. Neither Cablevisión S.A. nor any of its subsidiaries may assure that such conditions shall be fulfilled and that the transactions will in fact occur. In the coming days, the required regulatory authorizations will be requested in Paraguay pursuant to the applicable regulatory framework.

Millicom International Cellular S.A. is a global company that provides mobile telephone services, internet and cable television services, with more than 40 million customers in 15 different markets in Latin America and Africa.

Cablevisión S.A. is the owner of 70% of the abovementioned subsidiaries, except for Teledeportes S.A., of which Cablevisión S.A. owns substantially 100%. The remaining 30% belongs to minority shareholders who have agreed to withdraw from the subsidiaries when the transaction becomes effective, by selling their shares to the control group.

Cablevisión S.A. provides pay TV to 119,707 subscribers and Internet access to 12,672 subscribers in Asunción and Great Asunción as of June 30th, 2012.

Enquiries:

In Buenos Aires:

Alfredo Marín/Agustín Medina Manson

Grupo Clarín

Tel: +5411 4309 7215

Email: investors@grupoclarin.com

In London:

Alex Money/Helen Greenwood

Temple Bar Advisory

Tel: +44 20 7002 1080

Email: clarin@templebaradvisory.com

In New York:

Melanie Carpenter/Peter Majeski

I-advize Corporate Communications

Tel: +1 212 406 3692

Email: clarin@i-advize.com